Downtown Mixed-Use
For Sale
$1,500,000
322 W 3rd St, Bloomington, IN 47404
Two-building commercial property with showroom, office, shop, and apartment components in a downtown setting.
Property Size6,165 SF
Lot Size0.20 Acres
Price / SF$243.31
Days on Market11
Property Features for 322 W 3rd St
General Information
Standard status
Active
Size
6,165 SF
Lot size
0.20 Acres
Zoning
MD/DC
Additional Details
Corner Location
Yes
Building Details
Year Built
1935
Buildings
2
Listing Agency:
RE/MAX Acclaimed Properties
(812) 219-3030
Listed By:
Chris Smith · License #RB15000074
Source:
Kmsrealestategroup
Added: Aug 19
Changed: Aug 28
Last Checked: Aug 28 at 8:32PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Acclaimed Properties
Investment Insights
Based on property information with market context.
This mixed-use property comprises two buildings on a 0.2-acre site at 322 W 3rd St in Bloomington. The corner structure includes a display room, office, and shop area. The second building offers a partial basement, showroom with large windows and hardwood floors, additional shop space, and a second-floor apartment with separate private access.
The property is zoned MD/DC and was built in 1935. Its downtown location provides access to the Bline trail and nearby downtown amenities.
The property is zoned MD/DC and was built in 1935. Its downtown location provides access to the Bline trail and nearby downtown amenities.
Key Highlights
- Two‑building mixed‑use property on 0.2 acres
- MD/DC zoning
- Corner building with display room, office, and shop area
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$82,677
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.51%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,653,540
$1.7M
Cap Rate 7%
$1,181,100
$1.2M
Cap Rate 9%
$918,633
$918.6K
Market Conditions
NOI Build-Up for 6,165 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$123.5K $20.04/SF
− Vacancy
−$5.4K −$0.88/SF
EGI
$118.1K $19.16/SF
− OpEx
−$35.4K −$5.75/SF
NOI
$82.7K $13.41/SF
Area
Monroe County, IN
Vacancy
4.40%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,653,540
Cap Rate 7%
$1,181,100
Cap Rate 9%
$918,633
Alternative Uses
Best Use
Retail
$1.18M
$1.03M – $1.38M
NOI $82,677 @ 7.0% cap · market cap 5.51%
Second Best
Mixed Use
$755.7K
$661.2K – $881.6K
NOI $52,896 @ 7.0% cap · market cap 3.53%
Theoretical Best
Office A
$1.20M
$1.05M – $1.41M
NOI $84,341 @ 7.0% cap · market cap 5.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,772
Businesses Nearby
Explore this area
Business Placement
Demographics for 47404, IN
23,799
Population
12,101
Households
2
Avg Household Size
33
Median Age
43%
College-Educated
95%
High-School Grad
52.6 sq mi
ZIP Area
452
Density / Sq Mi
$54,674
Median Household Income
$36,725
Median Earnings
$1,159
Median Rent
$243,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-building commercial property with showroom, office, shop, and apartment components in a downtown setting.
Where is this mixed-use property located?
The property is located at 322 W 3rd St Bloomington, IN.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Two‑building mixed‑use property on 0.2 acres; MD/DC zoning; Corner building with display room, office, and shop area
